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Querist : Anonymous

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Querist : Anonymous (Querist)
12 July 2014 why cenvat credit of service tax or vat input is taken and why not cenvat input or Vat input is charged in profit and loss acoount. Please reply this question,
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Ganeshbabu K

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Ganeshbabu K (Expert)
18 July 2014 if it is eligible to adjust amount of service tax paid on input services availed against output services
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then amount paid on input services is current asset so not to debit p&l account
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But can adjust to out put duty which is current liability
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if amount paid on input services is not eligible to adjust against output duty it can be taken to profit and loss account
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